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CINCINNATI — Procter & Gamble has brought back former chief A.G. Lafley to serve as president and CEO, effective immediately. He also has been elected to the board and will serve as its chairman.
Lafley joined P&G in 1977 and served as president and CEO from 2000 to 2009. He succeeds Bob McDonald, who is retiring from the company on June 30, after 33 years of service.
Jim McNerney, presiding director of P&G’s board, said, "A.G.’s track record and his depth of experience at P&G make him uniquely qualified to lead the company forward at this important time. The board expects A.G. to further improve results, implement the current productivity plan, and facilitate an ongoing succession process. The board is confident that he will continue improving P&G’s performance.”
McNerney added, “We thank Bob for his service and note the company’s improving business performance. Under his leadership, the company expanded its business in developing markets, built a strong innovation pipeline, and has made substantial progress implementing a $10 billion cost savings and productivity program.”
McDonald joined the company in 1980 and served as president and CEO from 2009 to 2013.
The company confirmed its fiscal year and fourth quarter guidance, as stated in the recent third quarter earnings release.